BHP hits 5-month high as confidence returns in mining

It seems that an element of confidence has been regained in the mining sector, following the release of China’s better-than-expected economic data which revealed stronger exports and imports from the nation. The data revealed that China’s exports for July had hit 5.1% (at an annualized rate) compared to the market’s expectation of 2.8%. Meanwhile, imports soared 10.9% compared to the expected growth rate of just 1.3%. Analysts have stated that they expect the stronger-than-anticipated results can be largely attributed to improved liquidity since June. The S&P/ASX 200 (^AXJO) (ASX: XJO) is up 12 points in early trading today, which is…

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It seems that an element of confidence has been regained in the mining sector, following the release of China’s better-than-expected economic data which revealed stronger exports and imports from the nation.

The data revealed that China’s exports for July had hit 5.1% (at an annualized rate) compared to the market’s expectation of 2.8%. Meanwhile, imports soared 10.9% compared to the expected growth rate of just 1.3%. Analysts have stated that they expect the stronger-than-anticipated results can be largely attributed to improved liquidity since June.

The S&P/ASX 200 (^AXJO) (ASX: XJO) is up 12 points in early trading today, which is being driven by Australia’s largest mining stocks whilst the banks have remained relatively flat. BHP Billiton (ASX: BHP) and Rio Tinto (ASX: RIO) are up 2.55% and 3.25% respectively, whilst Fortescue Metals Group (ASX: FMG) has continued its climb and is up 4.5% today. The company realised a gain of 5.5% last week alone.

Furthermore, BHP has today hit a five-month high with the stock climbing to $37.02 shortly after the market’s opening. The company will release its earnings report on 20 August.

Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned in this article.

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